FAQ: How can I be sure that I’ll be able to rent out my space?

October 3rd, 2010

There are many factors that can influence how much interest there is likely to be in your space  – and hence how quickly you could rent it out, so we are not able to guarantee that you will rent out your space quickly.  However, with a potential to earn hundreds of dollars a month – most people agree that the small listing fee is worth taking a chance.

There are however some ways that you can increase the likelihood of renting out your space fast.  Below We have outlined some of the main factors which can influence interest in your space – along with some hints on how you can maximise your chances of a quick rental.

  • Location – We have hundreds (and often thousands) of people every day, searching the site for many different types of spaces all over Australia.  The majority of these visitors tend to come from high population areas (such as capital cities), but we also get many visitors from regional and even country areas.  If your space is located in a regional or rural area, it may take a bit longer to rent out, but you are also likely to have less competition.
  • Security – For most people renting private space, security is not the top priority, but they will want some assurance that the space has a reasonable level of security – and the more you can offer (and describe in the listing) the better
  • Access – Although some renters may require little or no ongoing access to the space, many would require some level of access  and the more flexible you can be with this the better.
  • Type of Space – Some spaces could be used in a variety of ways – for example a garage could be used for storage or parking.  You may like to consider creating separate listings for each type of usage – outlining the features and benefits (and also possibly changing the price) depending on the way the space might be used.
  • Facilities – The more “advantages” or benefits you can describe in your space listing the more likely you will be to rent out your space quickly.  These might be anything that differentiates your space from others and could be all sorts of things – e.g. free use of a trailer, 24×7 access with own key, owner able to give you a hand with heavy objects, cool dry environment – ideal for wine storage, can include a regular car wash for a small extra fee (for parking space), free parking available (for office space), etc…)
  • Price – We normally recommend setting a price at 50% – 70% of the “commercial” rate. If you charge an unrealistically high price you are unlikely to get many enquiries, but if you set too low a price you might be missing out on some income.  We generally suggest setting the price a little higher initially, but consider reducing it if you don’t get many enquiries.  Keep in mind though, that a faster rental at a lower rate  is likely to generate you more income than holding out for a higher price and perhaps earning nothing from the space while you are waiting.
  • Demand – Some areas are very popular and spaces tend to get snapped up very quickly. In these areas, you can generally charge more for your space than in areas where demand is lower.  Sometimes (but not always) you can identify high demand areas by a higher number of “space wanted” listings. If after a month or so you do not get many enquiries, it could mean that there is relatively little demand for the type of space you are offering in your area, so you could consider changing your listing description, reducing your price slightly, or even cancelling the listing.

Because there are just so many factors that can have an impact on how quickly you rent out your space, there can of course be no guarantee when your space will be leased. However there are few more simpler methods of generating handy cash flow, and most people really enjoy the process. By all means let us know of  any other factors or strategies that you  have found to be helpful in renting out your space.

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